Monday 9 December 2019
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business-standard - 6 days ago

Stocks slump as Trump says trade deal with China can wait

US stocks fell sharply in early trading Tuesday after President Donald Trump cast doubt over the potential for a trade deal with China this year and threatened to impose tariffs on French goods. Trump said he has no deadline for a deal and didn t mind waiting until after the election next year to make one. Investors had been hoping for a deal this year, or at least enough progress to stave off new US tariffs on Chinese goods, including smartphones and laptops, scheduled to start December 15. Wall Street is also weighing the potential for an expanded series of trade disputes after a month of relative calm. On Tuesday, Trump proposed tariffs on USD 2.4 billion in French products in retaliation for a tax on global tech giants including Google, Amazon and Facebook. That follows a threat Monday to raise tariffs on steel and aluminum from Argentina and Brazil. Technology stocks led the losses. The sector is highly sensitive to twists in the trade dispute because many of the companies rely


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